Shares of JBM Auto Ltd surged 4% on Thursday, 20 February, after the company announced securing an order for 1,021 electric buses worth Rs 5,550 crore.
In its regulatory filing, the company said that JBM Ecolife Mobility Private Limited, a division of JBM Auto Limited, has secured the end-to-end construction of 1,021 electric buses and the construction of associated electric and civil infrastructure on Gross Cost Contracting [GCC] under the PM-eBus Sewa Scheme (Tender-II).
In an exchange filing, JBM Auto said, “We hereby inform that JBM Ecolife Mobility Private Limited, a subsidiary of JBM Auto Limited, has been awarded the Tender for end-to-end execution of 1,021 [One thousand twenty one] Electric Buses and development of allied electric and civil Infrastructure on Gross Cost Contracting [GCC] under the PM-eBus Sewa Scheme (Tender-II). The project will be supported by a Payment Security Mechanism (PSM), ensuring timely payments to electric bus operators and enhancing financial sustainability for industry stakeholders.”
The order is worth about Rs 5,500 crore.
The project will be backed by a Payment Security Mechanism (PSM), which will ensure that electric bus operators get paid on time and increase the financial stability of industry participants.
These e-buses will be deployed in about 19 cities across Gujarat, Maharashtra, and Haryana.
These e-buses will also transport over 32 billion passengers e-kilometers and prevent over 1 billion CO2 emissions over the course of their 12-year deployment.
This transaction, which increases the total number of electric buses in the company’s order book to over 11,000 at different stages of execution, is a major step toward reaching its Net Zero 2040 goal.
The JBM Group is an electric bus manufacturer. With a diverse portfolio that includes services in the automotive, engineering and design, renewable energy, railway, and original equipment manufacturer (OEM) sectors, the Group has 40 manufacturing sites and 4 engineering and design centres across 18 locations globally.
The Group’s auto component division serves a number of well-known firms, including Ashok Leyland, Bajaj Auto Ltd, Fiat, Ford, General Motors Corporation, Honda, Hero, JCB, Mahindra, Maruti Suzuki, Renault, Nissan, TATA, Toyota, TVS, Volvo-Eicher, and Volkswagen.
At 12:51 pm, the shares of JBM Auto shed all their early gains and were trading 4.35% lower at Rs 619.45 on NSE.
Wondering About JBM Auto? The Analyst Has Answers.
The future of investing is here!
Unicorn Signals leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app todayand 10x your trading & investing journey!
